Tree House Education debuts at discount on NSE

Tree House Education and Accessories has debuted at Rs 132, a 2% discount to its issue price of Rs 135 a share, on the National Stock Exchnage (NSE). The stock is trading at Rs 136.85 after hitting a high of Rs 139.60 and a low of Rs 127.25. A combined 3.7 million shares have changed hands on the counter in morning deals.

The educational services provider, which had raised Rs 122 crore by issuing 8.4 million shares, intends to utilise the proceeds for expansion of pre-school business, acquisition of office space, procurement of exclusivity rights to provide educational services, construction of infrastructure for educational complexes in Rajasthan and Gujarat and repayment of loan.

The company had priced the initial public offer (IPO) at Rs. 129 for retail investors and Rs 135 for other investors (qualified institutional investors and high net-worth individuals). The price band for the IPO was Rs 135-153 a share.